Marketing Management and Strategy Assignment Example | Topics and Well Written Essays - 2250 words

Marketing focusing and Strategy - Assignment ExampleThe paper starts by explaining the meaning of kindred marketing and the main tell apart of the paper will discuss the relevance of this concept to todays business. Relationship marketing is maybe one of the most important concepts of marketing during the contemporary period. Basically, customer relationship management (CRM) or relationship marketing is the overall process of building and maintaining profitable customer relationships by delivering superior customer prise and rapture, (Kotler & Armstrong, 2010, p. 27). On the other hand, (Gartner, 2007, p.4) defines CRM as a business strategy with outcomes that optimize profitability, revenue and customer satisfaction by organizing around customer segments, fostering customer-satisfying behaviours and implementing customer-centric processes. Essentially, m any organizations have realised that customer loyalty is really important since it determines the success or failure of th eir operations. This has prompted the marketers of antithetic firms to forge ahead with unalike strategies that are meant to wee long lasting relationships with the customers. In every business, it can be observed that the quality of the relationship that exists mingled with the company and its customers has a bearing on its performance. Lamb et al (2008) posits to the effect that relationship marketing is a philosophy that emphasises on creating long term relationships with the customers so that the company can sustain its operations in the long run. Customers are compelled to buy certain products that are offered by different firms as a moment of the quality of service they get when doing business with them. During the contemporary period, it can be seen that stiff competition characterises different markets and this is the main reason why efforts should be made to retain the customers that already exist in the organization (Athanasopoulou N.D). One viable strategy that can b e implemented by the organization is to try to induce quality relationships around services offered to the customers so that they can be in a position to identify with the organization. When this identity has been created, the customers are likely to have a predisposition towards the products that are offered by the company. The customers in any business are the main component of the relationship mix which ought to be created around economic value of the products offered. harmonize to Ferrazzi (2006), the quality of the relationship that exists between the organization and the customers is determined by the attitude of the targeted audiences by the firm towards the value of the products and services offered. This point is also supported by Wang et al (2004) who state that the customers specifically purchase different products so that they can derive various value from using them. There are different values that are derived from consuming a certain product and these include the fol lowing emotional value, utility derived from the emotional state of goods or services social value, social utility obtained from using a product structural value utility derived from the sensed quality of a product as well as perceived sacrifice which is loss that is likely to be encountered from purchasing a particular product or service. In most cases, the